Contact: Akiko Kato Corporate Communications Office Monex Group, Inc. +81-3-4323-8698 Yuki Nakano, Minaka Aihara Investor Relations, Financial Control Department Monex Group, Inc. +81-3-4323-8698 This material is an English translation of a Japanese announcement made on the date above. Although the Company intended to faithfully translate the Japanese document into English, the accuracy and correctness of this English translation is not guaranteed and thus you are encouraged to refer to the original Japanese document. This translation was made as a matter of record only and does not constitute an offer to sell or to solicit an offer to buy securities in the U.S. Twenty-Eighth Monex Global Retail Investor Survey, December 2020 Expectations for U.S. stocks were the highest among retail investors in all three regions Tokyo, Florida and Hong Kong, December 16, 2020 – Monex, Inc., TradeStation Securities, Inc. (“TradeStation”) and MONEX Boom Securities (H.K.) Limited (“BOOM”), group companies of Monex Group, Inc. (TSE: 8698), surveyed retail investors with accounts held in the respective companies about their perceptions of the market environment. The Monex Global Retail Investor Survey is a report summarizing their responses.
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Contact: Akiko Kato
Corporate Communications Office
Monex Group, Inc.
+81-3-4323-8698
Yuki Nakano, Minaka Aihara
Investor Relations, Financial Control Department
Monex Group, Inc.
+81-3-4323-8698
This material is an English translation of a Japanese announcement made on the date above. Although the Company
intended to faithfully translate the Japanese document into English, the accuracy and correctness of this English
translation is not guaranteed and thus you are encouraged to refer to the original Japanese document. This translation
was made as a matter of record only and does not constitute an offer to sell or to solicit an offer to buy securities in
the U.S.
Twenty-Eighth Monex Global Retail Investor Survey, December 2020 Expectations for U.S. stocks were the highest among retail investors in all three regions
Tokyo, Florida and Hong Kong, December 16, 2020 – Monex, Inc., TradeStation Securities, Inc.
(“TradeStation”) and MONEX Boom Securities (H.K.) Limited (“BOOM”), group companies of
Monex Group, Inc. (TSE: 8698), surveyed retail investors with accounts held in the respective
companies about their perceptions of the market environment. The Monex Global Retail Investor
Survey is a report summarizing their responses.
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December 16, 2020
For Immediate Release
Monex, Inc.
TradeStation Securities, Inc.
Monex Boom Securities (H.K.) Limited
Twenty-Eighth Monex Global Retail Investor Survey, December 2020
Expectations for U.S. stocks were the highest among retail investors in all three regions.
(3) The percentage of retail investors in Japan investing in cryptocurrency reached its
highest level.
We asked retail investors about much discussed cryptocurrency such as Bitcoin, with respect to their
experience with it and their willingness to invest in it. The percentage of retail investors replying that
they had already invested in cryptocurrency was 16.2% in Japan and 21.0% in the U.S., the highest
level in each country since this question was introduced in June 2017. The percentage of investors in
China (Hong Kong) who had invested in cryptocurrency fell slightly from the previous survey.
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Figure6-2:Nikkei Average Lowest price forecast
Japan
Source: Monex, Inc.
11.3%
18.4%
32.2%
24.3%
10.8%
3.0%
Less than 17,000 yen Between 17,000 yen and 19,000 yen
Between 19,000 yen and21,000 yen Between 21,000 yen and 23,000 yen
Between 23,000 yen and 25,000 yen Higher than 25,000 yen
Figure6-1:Nikkei Average Highest price forecast
Japan
Source: Monex, Inc.
3.3%
13.5%
17.4%
42.1%
16.6%
5.8%1.3%
Less than 19,000 yen Between 19,000 yen and 23,000 yen
Between 23,000 yen and 25,000 yen Between 25,000 yen and 28,000 yen
Between 28,000 yen and 30,000 yen Between 30,000 yen and 33,000 yen
Higher than 33,000 yen
2.Japan Specific Quarterly Survey Results: Survey of Retail Investors in JapanThe highest percentage of investors, 42%, forecast the 2021 high for the Nikkei average to be
about 25,000 yen to 28,000 yen.
We asked Japanese retail investors about their forecast of 2021 highs and lows of the Nikkei Stock
Average. The percentage forecasting that the 2021 high of the Nikkei Stock Average would be
25,000 yen to 28,000 yen was the highest, at 42%. The percentage forecasting a 2021 low of 19,000
yen to 21,000 yen was the highest, at 32%. At the end of November, the Nikkei Stock Average stood
at 26,433 yen. The forecast high is commonly understood to be about 1,000 yen higher from the
current Nikkei price, which reveals that many retail investors expect that higher prices will be
limited. On the other hand, the forecast low is expected to be 5,000 yen or lower, which shows that
many retail investors are concerned about significant corrections are coming up.
Please refer to the details of the results of the survey in the attached report.
An outline of the survey conducted in Japan, the U.S. and China (H.K.):
Japan U.S. China(H.K.)
Survey period Nov. 19 to Nov. 30,
2020
Nov. 19 to Nov. 30,
2020
Nov. 23 to Nov. 30,
2020
Number of responses 1,006 777 474
Monex, Inc. has been surveying retail investors about their attitudes regarding financial market
conditions, providing you with the survey results as the “Monex Retail Investor Survey” since
October 2009. In addition to Japan, as our group has established securities businesses in the U.S. and
China (Hong Kong), we expanded this retail investor survey geographically and added the U.S. and
China (Hong Kong) in order to compile the "Monex Global Retail Investor Survey" since June 2011.
Monex, Inc., TradeStation Securities, Inc. and Monex Boom Securities (H.K.) Limited have been
jointly conducting this survey and observing retail investors’ attitudes about financial market
conditions in Japan, the U.S. and in China (Hong Kong) on a regular basis.
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December 2020
Monex Global Retail Investor Survey
Executive Summary
Yutaka Masushima, Market Analyst, Monex Inc.
The year 2020 was undoubtedly marked by the COVID-19 pandemic. Media reports on COVID-
19 infections gradually began to proliferate from the beginning of the year, but the market initially
seemed to stand quietly to the risk. From February, caution increased gradually, and stock
prices entered a correction phase. In March, the Nikkei 225 Stock Average temporarily fell to the
16,000 yen range.
Subsequently, partly due to large amounts of public spending and extraordinary monetary easing
worldwide, stock prices recovered sharply. The New York Dow Jones and the NASDAQ Composite
Index hit all-time highs. The Nikkei 225 Stock Average hit its post-bubble high. The market was on
a roller coaster this year.
In an unprecedentedly tense situation caused by the declaration of a state of emergency and stay-
at-home requests, among other factors, the real economy slowed significantly and the stock market
crashed. We believe that many of our customers felt anxious. COVID-19 cases in Japan are
increasing significantly, and the situation remains unpredictable. However, there are positive signs.
Vaccines have been approved and vaccination has started in some countries. In the coming year, the
Monex Group will continue to disseminate information on the latest developments, working
alongside retail investors to ride out the turbulent markets.
Thank you to all of our customers who took time to respond to the survey, we have been able to
compile and analyze extremely valuable data. We hope that this survey will aid your investment
decisions.
(Written as of December 7, 2020)
December 2020
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MONEX Global Retail Investor Survey
Summary
1. Global Survey Results: Survey of Retail Investors in Japan, U.S. and China
(H.K.)
(1-1)The forecast DI (*) for world stock markets remained roughly flat in Japan and the
U.S., but rose significantly in China (Hong Kong).
We asked retail investors in each region about their views on the world stock market for the coming
three months. Among retail investors in China (Hong Kong), the DI rose significantly from the
previous survey (conducted in December 2019). Among retail investors in Japan, the DI remained
unchanged. Among U.S. investors, the DI remained roughly flat, or more accurately, fell 1 point. The
reason for the rise in the DI among investors in China (Hong Kong) may be a slight calming of the
U.S.-China trade war compared to the previous year.